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Macroeconomics 9th Edition by David Colander
Edition 9ISBN: 978-0077501860Macroeconomics 9th Edition by David Colander
Edition 9ISBN: 978-0077501860 Exercise 28
In David Ricardo's original example of comparative advantage in his Principles of Political Econ o my, written in 1817, Portugal possesses an absolute advantage in both the production of cloth and the production of wine.ut England has a comparative advantage in the production of cloth, while Portugal's comparative advantage is in wine production.ccording to Ricardo, an English political economist, England should specialize in the production of cloth and Portugal in wine making.
a.Was Ricardo's advice self-serving
b.Knowing that light manufacturing, such as clothing and textile production, has led most industrialization processes, would you have advised 19th-century Portugal to specialize in wine making (Radical )
a.Was Ricardo's advice self-serving
b.Knowing that light manufacturing, such as clothing and textile production, has led most industrialization processes, would you have advised 19th-century Portugal to specialize in wine making (Radical )
Explanation
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(a) In his original example of comparati...
Macroeconomics 9th Edition by David Colander
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